ELA vs FLNC: Correlation
Measured on weekly returns over the past three years, Envela Corporation (ELA) and Fluence Energy, Inc. (FLNC) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELA and FLNC?
Over the past 3 years, ELA and FLNC moved with a correlation of 0.40, which is moderate. Little has changed lately, as the 1-year reading of 0.46 lands near the 3-year figure. Over 5 years the correlation is 0.31, and the annualized covariance of weekly returns is 2426.6 %².
By 3-year correlation, FLNC places #4 of the 12 assets tracked against ELA. Correlation aside, the last 12 months split them widely, with ELA ahead by 32.5 points (+89.5% versus +57.0%). Risk is not evenly split, since FLNC carries 1.9 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
ELA vs FLNC: side by side
| ELA (Envela Corporation) | FLNC (Fluence Energy, Inc.) | |
|---|---|---|
| 1-year return | +89.5% | +57.0% |
| 5-year return | +229.3% | -67.3% |
| Volatility (ann.) | 56.3% | 109.2% |
| Beta vs S&P 500 | 0.61 | 2.11 |
| Max drawdown (3Y) | -51.8% | -86.9% |
| Market cap | $0.4B | $2.1B |
| P/E (trailing) | 16.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELA | FLNC |
|---|---|---|
| 2022 | +29.2% | -51.8% |
| 2023 | -7.6% | +39.1% |
| 2024 | +47.7% | -33.4% |
| 2025 | +86.4% | +24.6% |
| 2026 | +4.1% | -42.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELA and FLNC good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ELA and FLNC?
As of 2026-08-27, the correlation of weekly returns between ELA and FLNC is 0.40 over 3 years, 0.46 over 1 year and 0.31 over 5 years.
Is FLNC a good diversifier for ELA?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
A reading of 0.40 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ela-vs-flnc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ela-vs-flnc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ELA correlations · FLNC correlations
